Global Diabetic Food Market to be Propelled by Rising Awareness about Diabetes among Consumers
The global diabetic food market has witnessed an exceptional rise in the demand for diabetic food in recent times. The increasing awareness among consumers across the world regarding diabetes has significantly propelled the market for diabetic food in the global arena. According to a market study, published by Transparency Market Research (TMR), the worldwide diabetic food market stood at US$7.4 bn in 2013. The market is expected to expand at a CAGR of 5.90% during the period from 2014 to 2020 and reach a market value of US$11 bn by the end of 2020.
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The rapid rise in the global geriatric population as well as the diabetic patient base has fueled the demand for diabetic food extensively. However, the high cost of diabetic food has limited its penetration, which is a major restraint in the growth trajectory of the global diabetic food market.
North America to Maintain its Dominance in Global Diabetic Food Market
The global diabetic food market is distributed among the regional markets in North America, Asia Pacific, Europe, and the Rest of the World. In 2013, the North America diabetic food market emerged as the leader among all the regional markets. Analysts expect North America to retain its leadership in the near future.
The rising concerns relating to health, coupled with increasing base of geriatric as well as diabetic population, are the key factors behind the growth of the diabetic food market in this region. The U.S. leads the diabetic food market in North America in terms of demand.
At present, Europe is the second-largest diabetic food market across the globe and is dominated by the U.K. and Germany. This regional market is likely to experience a surge in demand for diabetic food in the coming years on account of the rising awareness among consumers pertaining to healthcare.
Large Population Base Propels Diabetic Food Market in Asia Pacific
Of late, Asia Pacific is also showing a remarkable growth in the global market for diabetic food in terms of market value. India, China, and Japan have driven the Asia Pacific diabetic food market to a significant extent on account of the large population bases in these countries. Rapid globalization and increasing disposable income are other important reasons for the development of diabetic food market in Asia Pacific.
In addition to these, the changing lifestyle of consumers owing to improved living standards is boosting the market for diabetic food in the Rest of the World. Market experts foresee a surge in the demand for diabetic food in the Rest of the World region over the next few years.
Global Diabetic Food Market: Key Companies
The global market for diabetic food is extremely fragmented in nature with a number of players operating in this market. PepsiCo Inc., Unilever Plc, Kellogg Co., The Coca-Cola Co., Cadbury Plc, Mars Inc., Fifty 50 Foods Inc., Nestle S.A., Newtrition Plus Health and Wellness Pvt. Ltd., Sushma Gram Udyog, and Amber Lynand David Chapman’s Ice Cream Ltd. are the major companies functional in the global diabetic food market.